Commentary & Deal Flow

Wepa Hygieneprodukte GmbH (WEPAHY) EUR500m (up from EUR400m) Reg S sr sec notes due 11/30/32 (7y). NC3 (10/15/28) (MWC B+50bp) then 10/15/28 at 102.25, 10/15/29 at 101.125, 10/15/30 and thereafter at 100. Equity claw: 3y 35% at 104.50. Ba3/BB (positive/stable). Via HSBC (B&D) gloco/DB/JPM jt physical books. List ISE. German law. CoC at 101. Pays April 15 and Oct 15, starting 04/15/26. Denoms: 100kx1k. Settles 11/27 (T+10). RegS ISIN: DE000A4DFVJ0. IPT: 4.75%-5.00%. Price talk: 4.50%-4.75%. EUR100m upsize for GCP, including potential M&A and capex. Final terms: EUR500m at 4.50%.

Priced: 4.50% at 100. +203bp vs DBR 2.50% 11/15/32.

Roadshow (in-person) 11/11-13 (Tues London City, Weds London West End, Thurs Paris) (investor call at 11:30am UKT 11/11). Books closed at 12pm UKT 11/13. Reconfirms were due by 1:45pm UKT 11/13. UOP: along with cash on hand, to redeem in full its EUR400m 2.875% sr sec notes due 12/15/27 (callable at 100) (EUR100m upsize for GCP, including potential M&A and capex). Biz: Leading European, family-owned (Krengel family) producer and supplier of tissue products (toilet paper, kitchen towels, facial tissues, napkins, industrial paper rolls and paper towels). HQ: Arnsberg, Germany.

DealRoadshow direct link: https://dealroadshow.com/e/WEPAGIC25.